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Call sheet · Q2'26

Restaurant Brands International (QSR)

Q2'26 earnings call · held August 6, 2026 · compared with the Q1'26 call · management-credibility review
9/12
Disclosure score
1 medium, 2 low flags
Financial quality
Bottom line
Burger King U.S. comps grew 8.5%, but management said high beef costs delayed franchisee profit improvement. The useful next tests are completed refranchisings and remodel investment, not buyer interest alone. Corporate organic AOI growth slowed to 6.7%; a segment bridge is needed before assigning the cause. Tim Hortons advertising was disclosed in the earnings release, so the remaining question is its expected H2 reversal, not whether the metric vanished.

The 30-second version

  • Burger King sales are strong; the next test is franchisee cash flow
  • Refranchising needs completed deals, not just interested buyers
  • The Tim Hortons advertising expense did not disappear

What changed this quarter

MetricQ1'26Q2'26Change
Comparable Sales (systemwide)3.2%3.8%+60 bps acceleration
Net Restaurant Growth2.6%2.9%+30 bps; 2028 target is not yet due
System-wide Sales Growth (constant currency)6.2%6.4%+20 bps
Organic AOI Growth10.7%6.7%-400 bps deceleration despite stronger comps
Adjusted EPS ($)$0.86 vs $0.75 PY$1.07 vs $0.94 PYHigher year over year; use issuer reconciliation for growth rates
Tim Hortons Canada Comps1.5%0.1%Slowed to near-flat; management cited calendar execution
Burger King US Comps5.8%8.5%+270 bps acceleration, standout quarter
Popeyes US Comps-6.5%-5.2%Improved 130 bps but remained negative
International Comps5.7%5.5%-20 bps, modest deceleration
Free Cash Flow~$200M$501MAbout 2.5 times Q1; inspect the cash-flow bridge before annualizing

Accountability tracked

5 new promises made2 narrative shifts flagged7 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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